60.1K

Verified Solution

Link Copied!

Required information [The following information applies to the questions displayed below) Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31 Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 46,800 12,300 580 640 16,400 9,400 20,660 2.320 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,200 shares outstanding) Additional paid in capital Retained earning- Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 12,000 1,876 16,884 5,200 89.130 16,200 33,230 136,810 136,810 Data not yet recorded at December 31 included: a The supplies count on December 31 reflected $240 in remaining supplies on hand to be used in the next year b. Insurance expired during the current year $640 Depreciation expense for the current year 53.200. d Wages earned by employees not yet paid on December 31, $640 e. Income tax expense, $5 480, Required: 1. Record the adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record depreciation expense, $3,200. + Note: Enter debits before credits Transaction General Journal Debit Credit c Record entry Clear entry View general Journal Required: 1. Record the adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer